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Analysts Detect Signs of a New Bullish Impulse in Bitcoin On-Chain Indicator

Analysts Detect Signs of a New Bullish Impulse in Bitcoin On-Chain Indicator

The increase in Bitcoin’s realized capitalization by $3 billion in a single day to new records suggests a continuation of the accumulation phase before the next impulse in the coming week, according to CryptoQuant.

The mentioned increase accounted for a significant 0.33% of the total figure.

This metric represents the aggregate dollar value of all circulating coins based on the prices at which they were last transferred.

The surge in realized capitalization indicates continued purchases at increasingly higher prices, which raises the “cost price” of bitcoins and demonstrates long-term confidence in the asset’s prospects.

The positive trend in the metric has been observed since April 11. Accumulation zones form a step-like structure with support lines at higher levels.

Historically, a sharp rise in the indicator has preceded a significant price increase, especially if it continued during consolidation periods.

In the current situation, the behavior of the indicator suggests the market is preparing for a potential breakout, as accumulation intensifies near key psychological levels, experts concluded.

Earlier, CoinDesk specialists presented six charts of various metrics confirming a solid foundation for Bitcoin to rise above $100,000.

In April, Standard Chartered urged the purchase of the first cryptocurrency and forecasted its price increase to $120,000 in the second quarter.

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